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NCUA Closes Doors on Third Small CU in a Week

ALEXANDRIA, Va.-NCUA recently shut down operations for Potter's House Federal Credit Union of Jacksonville, Fla. after finding the tiny credit union insolvent. The agency advised that Potter's House member checks would be distributed within five business days and the deposits are insured up to $100,000. NCUA Financial Performance Reports indicate...

By Staff Writer | Updated on April 18, 2006

ALEXANDRIA, Va.-NCUA recently shut down operations for Potter’s House Federal Credit Union of Jacksonville, Fla. after finding the tiny credit union insolvent. The agency advised that Potter’s House member checks would be distributed within five business days and the deposits are insured up to $100,000. NCUA Financial Performance Reports indicate that the $233,093 Potter’s House, which had 1,500 members, showed the institution had more than $100,000 in delinquent loans and net charge-offs. Prior to the Potter’s House closing April 6, the agency announced the closing of $130,000 St. Charles Borromeo Church Federal Credit Union on April 4 and $68,000 St. John Baptist Federal Credit Union on March 31. NCUA Public Affairs Specialist Cherie Umbel said the string of closings was coincidental.

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